CBAK Energy Technology, Inc. Releases Third Quarter and Nine Months 2024 Financial Results

CBAK Energy Technology, Inc. (NASDAQ: CBAT), a prominent lithium-ion battery manufacturer and electric energy solution provider in China, recently disclosed its unaudited financial results for the third quarter of 2024, ending on September 30, 2024.

For the first nine months of 2024, the Company reported notable financial highlights, including a 18.4% increase in net revenues from sales of batteries, totaling $113.9 million compared to $96.2 million in the same period of 2023. The company’s battery business demonstrated a robust performance, with a gross margin of 34.3% and a net income of $21.6 million, marking a significant increase from $6.7 million in the corresponding period of 2023.

Zhiguang Hu, Chief Executive Officer of CBAK Energy, expressed satisfaction with the results, noting the impressive revenue growth and the strong performance of the battery business, particularly in light of market competition and economic challenges. Jiewei Li, the Chief Financial Officer, highlighted the exceptional financial performance, particularly the profitability of the Nanjing facility, which is set to expand production capacity by next year due to high client demand.

In the third quarter of 2024, the Company reported net revenues of $44.6 million, a decrease of 29.7% from the same period in 2023, partly due to maintenance at the Dalian factory and challenges faced by Hitrans.

Moving forward, CBAK Energy is slated to host an earnings conference call on Tuesday, November 12, 2024, at 8:00 AM U.S. Eastern Time to discuss these financial results in detail.

CBAK Energy Technology, Inc. remains a significant player in the lithium battery manufacturing sector and is poised for continued growth in the upcoming quarters.

For more details and access to the full financial results, interested individuals can visit the company’s investor relations website.

About CBAK Energy Technology, Inc.
CBAK Energy Technology, Inc. is a Chinese high-tech enterprise specializing in developing, manufacturing, and selling new energy high-power lithium and sodium batteries. They also produce raw materials for high-power lithium batteries and cater to various sectors including electric vehicles, energy storage, and other high-power applications.

This information is subject to certain risks and uncertainties and interested parties can find a comprehensive disclosure of these risks in the Company’s filings with the U.S. Securities and Exchange Commission.

For further inquiries, contact CBAK Energy’s Investor Relations Department in China at [email protected].

This news piece provides a concise overview of CBAK Energy Technology, Inc.’s latest financial performance and future outlook based on their recent filing with the Securities and Exchange Commission.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CBAK Energy Technology’s 8K filing here.

About CBAK Energy Technology

CBAK Energy Technology, Inc, together with its subsidiaries, manufacture, commercialization, and distribution of lithium ion high power rechargeable batteries in Mainland China, the United States, Europe, and internationally. The company operates in two segments, CBAK and Hitrans. Its lithium batteries are used in various applications, including electric vehicles, such as electric cars, electric buses, and hybrid electric cars and buses; light electric vehicles, such as electric bicycles, electric motors, electric tricycles, and smaller-sized electric cars; and electric tools, energy storage, uninterruptible power supply, and other high power applications, as well as cordless power tools.